Ratios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +31.17% | +39.95% | +41.74% | +38.15% | +35.06% | +37.90% | +38.58% | +37.44% | +39.17% |
| Operating margin | -0.19% | +9.93% | +4.97% | +0.07% | -18.62% | -4.42% | -4.61% | -4.52% | -4.66% |
| EBITDA margin | +25.04% | +39.56% | +22.79% | +19.13% | -2.77% | +12.95% | +12.93% | +13.44% | +13.42% |
| EBIT margin | -0.16% | +20.94% | +5.03% | -0.50% | -22.33% | -5.79% | -5.90% | -5.89% | -6.00% |
| Pre-tax margin | -3.71% | +17.30% | +1.32% | -4.23% | -25.63% | -9.36% | -9.52% | -9.41% | -9.58% |
| Net margin | -7.10% | +12.78% | +0.35% | -4.30% | -24.58% | -9.46% | -9.40% | -9.60% | -9.73% |
| Cost structure | |||||||||
| Cost of revenue / sales | +68.83% | +60.05% | +58.26% | +61.85% | +64.94% | +63.28% | +62.80% | +60.71% | +63.42% |
| R&D intensity | +3.81% | +4.07% | +5.22% | +5.49% | +6.75% | +5.68% | +5.70% | +5.84% | +5.79% |
| SG&A intensity | +25.32% | +25.70% | +30.14% | +30.03% | +26.53% | +28.85% | +29.06% | +28.34% | +28.44% |
| Effective tax rate | — | +26.11% | +73.04% | — | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -6.19% | +9.86% | +0.27% | -3.40% | -23.89% | -8.09% | -7.68% | -8.02% | -7.97% |
| Return on assets (ROA) | -2.31% | +4.16% | +0.11% | -1.53% | -9.45% | -3.25% | -3.29% | -3.34% | -3.53% |
| Return on capital (ROC) | -0.08% | +3.98% | +1.97% | +0.03% | -9.05% | -1.98% | -2.04% | -2.01% | -2.05% |
| Return on invested capital (ROIC) | -0.06% | +5.12% | +0.14% | +0.02% | -6.79% | -1.48% | -1.53% | -1.51% | -1.54% |
| Asset turnover | +32.61% | +32.51% | +32.35% | +35.52% | +38.45% | +34.33% | +35.02% | +34.79% | +36.29% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -7.10% | +12.78% | +0.35% | -4.30% | -24.58% | -9.46% | -9.40% | -9.60% | -9.73% |
| Asset turnover (× revenue / assets) | +32.61% | +32.51% | +32.35% | +35.52% | +38.45% | +34.33% | +35.02% | +34.79% | +36.29% |
| Equity multiplier (× assets / equity) | +267.62% | +237.38% | +232.98% | +222.70% | +252.82% | +249.13% | +233.22% | +240.06% | +225.62% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.33 | 0.33 | 0.32 | 0.36 | 0.38 | 0.34 | 0.35 | 0.35 | 0.36 |
| Fixed-asset turnover | 5.14 | 4.95 | 5.13 | 5.05 | 4.96 | — | — | — | — |
| Inventory turnover | 3.09 | 2.77 | 2.59 | 2.37 | 2.32 | — | — | — | — |
| Receivables turnover | 4.19 | 3.93 | 3.82 | 4.18 | 4.27 | — | — | — | — |
| Payables turnover | 11.66 | 8.43 | 6.51 | 6.73 | 7.18 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 87.06 | 92.98 | 95.60 | 87.22 | 85.43 | — | — | — | — |
| Days inventory outstanding (DIO) | 117.93 | 131.54 | 140.90 | 154.32 | 157.19 | — | — | — | — |
| Days payables outstanding (DPO) | 31.31 | 43.28 | 56.10 | 54.27 | 50.85 | — | — | — | — |
| Cash conversion cycle | 173.68 | 181.25 | 180.40 | 187.27 | 191.77 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | -2.38 | 1.44 | 51.18 | -3.63 | -0.66 | -1.76 | -1.80 | -1.69 | -1.66 |
| FCF / Net income | -1.98 | 1.21 | 42.51 | -3.12 | -0.55 | -1.51 | -1.45 | -1.44 | -1.41 |
| FCF margin | +14.02% | +15.43% | +15.07% | +13.41% | +13.55% | +14.32% | +13.60% | +13.86% | +13.75% |
| OCF margin | +16.87% | +18.44% | +18.15% | +15.62% | +16.20% | +16.68% | +16.92% | +16.19% | +16.16% |
| CapEx / Revenue | +2.85% | +3.01% | +3.08% | +2.21% | +2.65% | +2.71% | +2.58% | +2.57% | +2.57% |
| CapEx / D&A | 0.11 | 0.16 | 0.17 | 0.12 | 0.14 | — | — | — | — |
| Stock-based comp / Revenue | +0.62% | +0.72% | +1.17% | +0.99% | +1.24% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -1.05 | 1.71 | 0.05 | -0.53 | -3.00 | 2.46 | 2.68 | 2.96 | 0.00 |
| EPS · basic | -1.05 | 1.71 | 0.05 | -0.53 | -3.00 | 2.43 | 2.68 | 2.94 | 0.00 |
| Book value / share | 16.95 | 17.31 | 16.96 | 15.62 | 12.57 | 14.68 | 15.76 | 15.69 | 15.51 |
| Tangible BV / share | -14.69 | -9.82 | -7.11 | -6.34 | -6.10 | 14.68 | 15.76 | 15.69 | 15.51 |
| Sales / share | 14.80 | 13.36 | 12.78 | 12.35 | 12.21 | 12.55 | 12.88 | 13.10 | 12.70 |
| Operating CF / share | 2.50 | 2.46 | 2.32 | 1.93 | 1.98 | 2.09 | 2.18 | 2.12 | 2.05 |
| Free cash flow / share | 2.07 | 2.06 | 1.93 | 1.66 | 1.65 | 1.80 | 1.75 | 1.82 | 1.75 |
| Dividends / share | 0.33 | 0.48 | 0.48 | 0.48 | 0.48 | 0.49 | 0.51 | 0.49 | 0.50 |
| Payout ratio | -31.44% | +27.98% | +1052.29% | -90.63% | -15.97% | -41.13% | -41.83% | -39.17% | -40.30% |
| Retention ratio | +131.44% | +72.02% | -952.29% | +190.63% | +115.97% | +141.13% | +141.83% | +139.17% | +140.30% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -9.08% | -5.14% | -4.46% | -2.98% | +3.17% | +2.02% | +1.54% | -2.04% | -2.20% |
| Gross profit · YoY | — | +16.53% | -0.90% | -12.66% | -10.85% | +11.53% | +3.85% | -1.46% | +2.47% | +0.63% |
| Profit | ||||||||||
| Operating income · YoY | — | +4849.71% | -52.55% | -98.68% | -26467.33% | +75.53% | -6.51% | +0.55% | -1.06% | — |
| EBITDA · YoY | — | +43.65% | -45.34% | -19.81% | -114.02% | +583.03% | +1.92% | +5.52% | -2.16% | -9.53% |
| Net income · YoY | — | +263.79% | -97.37% | -1259.41% | -454.23% | +60.30% | -1.34% | -3.71% | +0.65% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +12176.60% | -77.21% | -109.43% | -4262.98% | +73.27% | -3.95% | -1.38% | +0.08% | — |
| R&D · YoY | — | -2.76% | +21.59% | +0.43% | +19.44% | -13.19% | +2.35% | +4.08% | -2.93% | +3.07% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +262.86% | -97.35% | -1269.98% | -466.04% | +181.98% | +8.94% | +10.52% | -100.00% | — |
| EPS · basic · YoY | — | +262.86% | -97.33% | -1262.28% | -466.04% | +181.07% | +10.25% | +9.58% | -100.00% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $23.36B | $19.53B | $18.37B | $14.31B | $14.7B | $15.74B | $15.59B | $16.09B | $15.67B |
| Net debt | $22.66B | $18.27B | $17.38B | $13.57B | $13.35B | $14.73B | $14.53B | $15B | $14.6B |
| Net debt / EBITDA | 5.06 | 2.84 | 4.94 | 4.81 | -33.77 | 7.71 | 7.46 | 7.30 | 7.27 |
| Debt / equity | 1.14 | 0.93 | 0.90 | 0.77 | 1.00 | 0.91 | 0.85 | 0.88 | 0.86 |
| Debt / assets | +42.59% | +39.04% | +38.53% | +34.47% | +39.53% | +36.64% | +36.28% | +36.62% | +37.99% |
| Equity / assets | +37.37% | +42.13% | +42.92% | +44.90% | +39.55% | +40.14% | +42.88% | +41.66% | +44.32% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.04 | 10.86 | 6.14 | 5.13 | -0.84 | 3.61 | 3.71 | 3.74 | 3.68 |
| Operating income / interest | -0.05 | 2.73 | 1.34 | 0.02 | -5.65 | -1.23 | -1.32 | -1.26 | -1.28 |
| Interest expense | $636.2M | $592.4M | $573.1M | $550M | $471.3M | $529.06M | $524.26M | $549.14M | $546.02M |
| Liquidity | |||||||||
| Current ratio | 1.10 | 1.58 | 1.67 | 1.65 | 1.30 | — | — | — | — |
| Quick ratio | 0.53 | 0.83 | 0.67 | 0.80 | 0.68 | — | — | — | — |
| Cash ratio | 0.07 | 0.19 | 0.13 | 0.13 | 0.19 | — | — | — | — |
| Working capital | $1.02B | $3.89B | $5.2B | $3.74B | $2.13B | — | — | — | — |
| Working capital / revenue | +5.69% | +23.91% | +33.70% | +25.38% | +14.87% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).